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Q: After we submit a project using your submission form, when will we hear from you?
A: We will call you usually within one business day after reviewing your information. Please be available. We will make up to three attempts to reach you via return e-mail and/or by phone. If you don’t respond to our e-mail or take our calls, your request will be permanently deleted.
Q: Do you charge upfront fees?
A: Absolutely not. On funding requests under five million dollars, we have a $1,500 setup charge. We do require an expense deposit to cover travel on funding requests over $5 million to cover travel, due diligence and packaging. Lenders normally do require an escrow deposit to cover legal expenses and third party reports that may be needed. We do not place loans with lenders who charge fat fees for a piece of paper for a loan that will probably never close.
Q: What are your rates?
A: Amazingly, this is usually the first question we are asked when we contact someone who submits a project to us.
Rates depend on the type of financing, the type of property and the credit rating of the principals. Long-term fixed rate loan rates are generally higher than adjustable loan rates.
We can provide a range of rates if you ask, but not an actual rate until we have an opportunity to review your loan package. Even then, rates are subject to change until you receive a lock.
Q: Are there points on the loan?
A: Yes. We typically charge 1.5-4.0% of the loan amount. Some lenders also may charge origination fees. Hard money lenders may charge as many as eight to ten points.
Q: What are your loan limits?
A: We don’t have a limit. We can arrange funding for most commercial projects over $500,000.
Q: How long does it take to close?
A: That depends on how quickly we can receive the information we request. Most “delays” are actually caused by the potential borrower.
If everything goes smoothly, usually within 45-60 days.
Some “low-doc” loans may be able to close in as little as 30 days.
Some hard money loans can potentially close in a week.
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